Enbridge Inc. (ENB): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and truly understand how a behemoth like Enbridge Inc. actually makes its money, especially as it navigates the energy transition. Honestly, their business model is a textbook example of a regulated, fee-based infrastructure giant successfully pivoting; they are backing this strategy with about $7 billion in 2025 growth capital projects, aiming for an Adjusted EBITDA between $19.4 billion and $20.0 billion (CAD). It's not just about the miles of pipe anymore; it's about integrated solutions from gas distribution to utility-scale renewables, with liquids still driving about 60% of their Q2 2025 revenue. Dive into the nine blocks below to see exactly how they structure their operations to deliver that stable, contract-backed cash flow you're tracking.

Enbridge Inc. (ENB) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Enbridge Inc.'s massive infrastructure running and growing, especially as they pivot toward lower-carbon opportunities. Honestly, these aren't just handshake deals; they are multi-billion dollar commitments that secure future cash flows. Here's the breakdown of the key partnerships anchoring Enbridge's business model as of late 2025.

Joint Ventures for Permian Gas Egress

The joint venture (JV) formed with WhiteWater/I Squared Capital and MPLX LP is crucial for connecting Permian Basin natural gas supply to the growing U.S. Gulf Coast (USGC) and Liquefied Natural Gas (LNG) demand. This structure immediately provided Enbridge with contracted cash flows, with approximately 90% of the JV's cash flows being contracted. Enbridge holds a 19.0% equity interest in the overall JV, which includes several key assets.

Here are the components of that integrated Permian natural gas pipeline and storage network:

This JV structure optimizes capital by increasing efficiency and provides immediate cash flow accretion to Enbridge's DCF per share. It's a smart way to secure a footprint in a high-growth area.

Strategic Alliances with Indigenous Communities

Enbridge Inc. emphasizes economic partnership as part of its reconciliation efforts. This isn't just about consultation; it involves direct equity stakes in major assets. You should note the following specific financial partnership:

• The transaction completed on October 5, 2022, involved Athabasca Indigenous Investments Limited Partnership (Aii).
• Aii represents 23 First Nation and Metis communities in Canada.
• Aii acquired an 11.6% non-operating interest in seven intra-Alberta long-haul assets.

Enbridge continues to work with Indigenous Nations, Tribes, groups, and businesses to ensure they can participate economically in projects and operations. This commitment is formalized through their Indigenous Reconciliation Action Plan.

Long-Term Contracts with Major Producers and Offtakers

The stability of Enbridge's Liquids Pipelines segment is heavily reliant on long-term agreements. Over 98% of Enbridge's Adjusted EBITDA is generated by assets with regulated returns or long-term take-or-pay contracts, which shields the company from commodity price volatility. For instance, the Regional Oil Sands System is anchored by long-term agreements with multiple oil sands producers that include provisions for the recovery of some operating costs.

For the Mainline system, Enbridge earns attractive returns within the MTS agreement collar of 11% to 14.5% on recent optimization investments. Furthermore, in the Renewable Power Generation segment, long-term contracts secure revenue for new capacity:

• The 600 MW Clear Fork Solar project is secured by a long-term offtake agreement with Meta Platforms, Inc. for 100% of its renewable output.
• Other power demand projects being advanced serve a combined 6 gigawatts of new generation, often backed by Power Purchase Agreements (PPAs) with blue-chip companies like Meta, Amazon, and AT&T.

Technology Partners for Renewable Projects

While specific partnerships with Vestas or First Solar weren't detailed in the latest filings for the major Texas solar buildout, Enbridge is actively deploying capital with technology providers under low-risk commercial models. The focus is on utility-scale solar backed by long-term contracts. As of mid-2025, Enbridge has sanctioned the Clear Fork Solar project, a 600 MW facility costing approximately US$0.9 billion, slated for service in the summer of 2027. This investment adds to a portfolio where Enbridge has spent more than US$8 billion on renewable projects since 2002, which includes 23 wind farms, 13 solar facilities, and one geothermal project, collectively producing enough electricity to power 1.3 million homes.

Collaboration with Occidental Petroleum on CO2 Hubs

Enbridge is deeply involved in Carbon Capture, Utilization, and Storage (CCUS) through a major partnership with Occidental Petroleum's subsidiary, 1PointFive. This collaboration leverages Enbridge's transportation expertise with Occidental's storage experience.

The key confirmed project is the Pelican Sequestration Hub in Livingston Parish, Louisiana, structured as a 50/50 joint venture:

• Enbridge will build and operate the necessary pipeline infrastructure.
• The hub is anchored by a 25-year offtake agreement.
• This agreement covers approximately 2.3 million metric tons of CO2 per year from a planned low-carbon ammonia facility.

Additionally, Enbridge and Oxy Low Carbon Ventures previously announced an intent to jointly develop a CO2 sequestration hub in the Corpus Christi, Texas area, which would involve Enbridge constructing and operating pipeline facilities for that region's emitters.

Enbridge Inc. (ENB) - Canvas Business Model: Key Activities

You're looking at the core engine of Enbridge Inc., the activities that drive its massive infrastructure platform. It's all about moving molecules and electrons reliably under contract, which is why the numbers here are so critical to understanding their stability.

Operating and maintaining North America's most extensive pipeline network.

This is the bedrock. Enbridge Inc. moves approximately 40% of North American crude oil production through its liquids pipeline system. The Mainline network itself is the largest crude oil pipeline network on the continent. They are actively enhancing this system; for instance, the Mainline Optimization Phase 1 project involves a $1.4 billion capital expenditure to add 150,000 barrels per day (bpd) of capacity to the Mainline system, with service expected in 2027. Furthermore, they are expanding natural gas egress, sanctioning the $0.4 billion Birch Grove expansion of the T-North Pipeline, which adds 179 million-cubic-feet-per-day capacity, slated for service in 2028.

Executing $7 billion in 2025 growth capital projects.

Enbridge Inc. has a clear capital deployment plan to support its growth franchises. For the fiscal year 2025, the company expects to deploy approximately $7 billion of capital, explicitly excluding maintenance capital. This spending feeds into a larger, visible pipeline; the secured investment backlog stands at $29 billion as of early 2025. To give you a sense of the scale of recent commitments, in the third quarter of 2025 alone, the company sanctioned $3 billion in new growth projects.

Regulated natural gas distribution and storage operations.

The natural gas segment acts as a utility-like anchor for Enbridge Inc.'s cash flow. The company moves around 20% of the natural gas consumed across North America. Their underground storage assets are substantial, totaling 622.7 billion cubic feet (Bcf) of net natural gas storage capacity across the continent. This capacity is split, with 351.6 Bcf coming from gas utility operations in Ohio and Ontario, and 271.1 Bcf from gas transmission operations. They are actively growing this area, having recently sanctioned expansions at the Moss Bluff facility (7 Bcf) and Egan facility (16 Bcf) for an investment of about $500 million. This utility footprint also added 75K customers across the platform.

Developing and operating utility-scale renewable power generation.

Enbridge Inc.'s renewable portfolio is a significant, growing component of its strategy. Since 2002, the company has committed over US$8 billion (about C$12 billion) in capital to these assets. Collectively, the wind and solar projects in operation or under construction have a net renewable generation capacity of 4,082 megawatts (MW), which is 7,212 MW gross capacity. A recent major development is the Clear Fork Solar project, a 600-megawatt facility costing an estimated US$900 million, secured by a long-term power purchase agreement. This aligns with their pipeline evaluation of over 3 GW of late- and mid-stage renewable power projects.

Securing long-term, take-or-pay transportation contracts.

The contractual framework is what de-risks the entire operation for you as an analyst. A staggering 98% of Enbridge Inc.'s EBITDA is generated from assets backed by either regulated returns or long-term take-or-pay contracts. This contractual stability is key to their financial resilience. For example, the Mainline System operates under a tolling settlement that ensures stable returns for Enbridge Inc. between 11% and 14.5%. Furthermore, over 80% of the company's profits originate from activities where they can automatically raise fees to offset rising costs.

Here are the key metrics underpinning this contractual stability:

• 98% of EBITDA from contracted/regulated sources.
• Mainline System target return range: 11% to 14.5%.
• 80% of profits from fee-based/inflation-protected assets.
• MLO1 expansion supported by long-term take-or-pay contracts to Houston.

The company's ability to secure these contracts is evident in its secured growth backlog, which is supported by these low-risk commercial models.

Enbridge Inc. (ENB) - Canvas Business Model: Key Resources

You're looking at the core assets that keep Enbridge Inc. running and delivering cash flow, which is what matters most for dividend investors. These aren't just pipes and turbines; they are contracted, regulated monopolies that generate highly predictable revenue.

Extensive pipeline network: The sheer scale of the physical infrastructure is a massive barrier to entry. Enbridge Inc. operates a network that moves a significant portion of North American energy supply. The system is designed for long-haul, high-volume throughput.

Regulated rate base providing predictable cash flows: A large portion of Enbridge Inc.'s stability comes from assets where returns are set by regulators, not commodity prices. This is the bedrock of the dividend. For instance, the Gas Distribution segment operates under a rate-regulated cost-of-service model. The company reaffirmed its 2025 financial guidance for adjusted EBITDA between $19.4 billion and $20.0 billion.

Large-scale renewable energy portfolio: Enbridge Inc. is actively building out its zero-emission capacity. While the outline suggests a target, the latest reported operational and under-construction net capacity is slightly different, showing significant scale in wind, solar, and geothermal projects across North America and Europe.

• Net renewable generation capacity (operating or under construction): 4,082 megawatts (MW).
• Gross renewable energy capacity (operating or under construction): 7,212 megawatts (MW).
• Capital committed to renewables since 2002: More than US$8 billion (about C$12 billion).
• Specific solar project secured by a 15-year offtake agreement: Clear Fork Solar, with an estimated cost of US$900 million.

Long-term, investment-grade customer contracts: This is where the predictability really locks in. The business model is heavily insulated from spot market swings because of these agreements. Honestly, this is the key to the Dividend Aristocrat status.

• Percentage of EBITDA backed by long-term take-or-pay contracts or regulated returns: 98%.
• Example of contract duration: A CO2 Hub joint venture is supported by a 25-year take-or-pay offtake agreement with an investment grade counterparty.
• Mainline System stability: Earns stable returns between 11% and 14.5% through a negotiated tolling settlement.

Highly skilled engineering and operational workforce: You can't run 18,000 miles of liquid pipe and nearly 32,000 miles of gas pipe without top-tier talent. This workforce is essential for executing the secured growth capital projects, which total $35 billion entering service through 2030. The company also has an annual investment capacity of $9 to $10 billion. Finance: draft 13-week cash view by Friday.

Enbridge Inc. (ENB) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Enbridge Inc. for their energy needs as of late 2025. It's about scale, reliability, and a clear path toward future energy delivery.

Highly reliable and safe transportation of essential energy products.

Enbridge Inc. moves massive volumes of energy safely across North America. The Liquids super systems, for instance, provide 6 million bpd of oil egress from the continent's three most prolific basins. You saw this reliability in action when the Mainline delivered record first-quarter volumes of almost 3.2 million barrels per day in Q1 2025. The company is actively investing to maintain this, announcing plans to invest up to CAN$2 billion in the Mainline through 2028 to further reliability and efficiency. This vast network connects to approximately 75% of North America's refining capacity.

The value here is in the sheer scale and the commitment to system integrity, exemplified by projects like the Mainline Optimization project, which will add 150,000 barrels per day of capacity in its first phase.

Stable, predictable cash flow backed by long-term, fee-based contracts.

A significant portion of Enbridge Inc.'s financial stability comes from its contract structure. You should note that 98% of its EBITDA is backed by long-term take-or-pay contracts or regulated returns. This underpins the reaffirmed 2025 financial guidance, targeting Adjusted EBITDA between $19.4 billion and $20.0 billion and Distributable Cash Flow (DCF) per share between $5.50 and $5.90. The company manages leverage tightly, aiming for a Debt-to-EBITDA ratio within the 4.5x-5.0x range, with the Q3 2025 ratio reported at 4.8x.

This predictability supports shareholder returns:

• Quarterly common share dividend of $0.9425 (annualized $3.77) effective March 1, 2025.
• Announced 2026 quarterly dividend of $0.9700 (annualized $3.88), a 3% increase.
• Long-term growth outlook post-2026 is set at ~5% average annual growth for key metrics.

Integrated energy solutions spanning traditional and new energy (renewables, CCUS).

Enbridge Inc. is balancing its core business with energy transition investments, supported by a substantial project pipeline. The secured growth backlog stood at $35 billion as of Q3 2025, with an annual investment capacity of $9-$10 billion. The company recently sanctioned the Clear Fork Solar project, a 600 MW, US$0.9 billion development for Meta under a long-term agreement, and expects 1.4 GW of solar projects online by 2027. Furthermore, it has entered the Carbon Capture, Utilization, and Storage (CCUS) space with the $0.3bn Pelican CO2 Hub project. The company is also evaluating over 3 GW of late- and mid-stage renewable power projects.

Here's a snapshot of recent capital deployment and project focus:

Access to key North American and U.S. Gulf Coast LNG export markets.

Enbridge Inc.'s infrastructure is strategically positioned to serve the growing export demand, especially for natural gas and crude oil. Its Gas Transmission system connects to every operating LNG export facility on the Gulf Coast. This connectivity is being reinforced, such as with the $0.3 billion, 40 Bcf expansion of the Aitken Creek gas storage facility to support the western Canadian LNG value chain. For crude oil exports, the Enbridge Ingleside Energy Center (EIEC) is North America's largest oil export terminal by volume, boasting a ~160,000-barrels-per-hour loading capacity. The EIEC storage capacity is set to reach 20.1 million barrels by the end of 2025.

The company's involvement in the Matterhorn Express Pipeline (MXP) provides 2.5 Bcf/d of Permian egress to the Katy area on the U.S. Gulf Coast, where Enbridge holds a 10% interest. Also, the EIEC recorded another quarterly volume record in Q1 2025, benefiting from increased operational capacity.

Enbridge Inc. (ENB) - Canvas Business Model: Customer Relationships

You're looking at how Enbridge Inc. (ENB) locks in its revenue base, which is heavily reliant on long-term commitments. This is the core of their stability, frankly.

Long-term, contract-based relationships with energy producers and refiners.

The midstream segment relies on long-term take-or-pay contracts or regulated returns for a massive portion of its earnings power. Specifically, 98% of Enbridge Inc.'s EBITDA comes from these stable sources. This structure shields the company from the day-to-day price swings in crude and natural gas. For instance, a recently sanctioned project is underpinned by 15-year offtake agreements. This commitment is visible in the secured growth backlog, which sits at approximately $26 billion, all supported by these low-risk commercial frameworks. To give you context on their market reach, Enbridge Inc. transports 30% of North American crude and 20% of U.S. natural gas consumption.

Here's a snapshot of the contract and volume backbone:

Regulated, utility-style service for natural gas distribution customers.

The utility side provides a different, but equally stable, relationship based on regulation. Following major acquisitions, Enbridge Inc. now operates North America's largest natural gas utility platform. You're looking at a customer base of about 7.1 million customers across Canada and the U.S. The consolidated rate base for this utility business is over CDN$27 billion. These relationships are managed under regulatory jurisdictions, meaning customer rates and capital recovery are subject to approval, which provides predictable, inflation-protected cash flows. For example, new rates for Enbridge Gas North Carolina became effective November 1, 2025, and Enbridge Gas Utah rates are expected January 1, 2026.

The utility segment is actively growing its regulated asset base:

• Total customers served: approximately 7.1 million.
• Consolidated Rate Base: over CDN$27 billion.
• Gas Distribution teams are advancing opportunities worth over $4 billion.
• Number of data center/power generation projects advancing: 60.

Dedicated account management for large-scale industrial and power generation clients.

For major industrial and power clients, the relationship is highly tailored, often involving long-term power purchase agreements or capacity reservations. This is where the utility growth intersects with large-scale energy demand. Enbridge Inc. is currently advancing more than $4 billion in specific data center and power generation opportunities across 60 distinct projects to meet customer needs through the end of the decade. A concrete example is the 600 MW, US$0.9 billion Clear Fork Solar project, which is secured by a long-term offtake agreement specifically to serve Meta's data center power needs. That's a direct, dedicated relationship.

Investor relations focused on consistent dividend growth (30+ years).

For the financial community, the relationship is built on a commitment to returning capital. Enbridge Inc. has a history of paying dividends for over 70 years. More recently, the company extended its streak of annual dividend increases to 31 consecutive years. For the 2025 fiscal year, the quarterly dividend was set at $0.94250 per common share, resulting in an annualized dividend of $3.77 per share. This payout is targeted to remain within a healthy range, with the company expecting its dividend payout ratio to be between 60% and 70% of its Distributable Cash Flow (DCF). The 2025 full-year DCF per share guidance range is $5.50 to $5.90. Over the last 30 years, the dividend has compounded at an average annual rate of 9%.

The dividend commitment metrics for 2025 look like this:

Enbridge Inc. (ENB) - Canvas Business Model: Channels

You're looking at how Enbridge Inc. (ENB) gets its energy from the wellhead and power source to the end-user, which is really the core of their massive infrastructure play. It's all about moving molecules and electrons through a vast, interconnected system, so let's break down the physical pathways they use.

Liquids Pipelines: Canadian Mainline system and Gulf Coast export facilities

The Liquids Pipelines segment is the backbone for moving crude oil and NGLs. The Canadian Mainline system is North America's longest and most complex crude oil transportation system, connecting key supply basins to major refinery markets. For instance, in the first quarter of 2025, the Mainline delivered record volumes of almost 3.2 million barrels per day (bpd). Enbridge Inc. moves about 40% of all North American crude oil production through this network. To meet growing demand, they sanctioned Mainline Optimization Phase 1, which will add 150,000 bpd of capacity, expected online by 2027, supported by up to $2 billion in investment through 2028. On the Gulf Coast, the Enbridge Ingleside Energy Center (EIEC) is North America's largest crude oil export terminal by volume, boasting a USGC-leading, ~160,000-barrels-per-hour loading capacity. The entire Liquids Pipelines network includes 36 million barrels of operational tankage. Honestly, the scale here is what locks in their long-term contracts.

Gas Transmission: Major interstate pipelines (e.g., Texas Eastern, Algonquin)

The Gas Transmission business is heavily focused on connecting growing supply basins, like the Permian, to demand centers in the U.S. Northeast and Gulf Coast LNG hubs. They see over 35-plus opportunities to serve up to 11 billion cubic feet a day (Bcf/d) of new demand here. For example, the Algonquin Reliable Affordable Resilient Enhancement (AGT Enhancement) project is a $0.3 billion investment set to add up to 75 MMcf/d to the U.S. Northeast. On the Texas Eastern Transmission pipeline, a US$0.1 billion expansion on Line 31 is adding up to 160 MMcf/d. Also, through a joint venture, the Eiger Express Pipeline is being built to move up to 2.5 Bcf/d from the Permian, with an anticipated completion in 2028.

• Texas Eastern Line 31 Expansion: 160 MMcf/d incremental capacity.
• Algonquin Gas Transmission Enhancement: 75 MMcf/d incremental supply.
• Eiger Express Pipeline (JV): Up to 2.5 Bcf/d capacity.
• Southeast Supply Header (SESH) Expansion: $50 million investment.

Gas Distribution: Local utility networks serving 3.7 million retail customers

This segment is North America's largest natural gas utility platform, providing safe and reliable energy. While the prompt mentioned 3.7 million, the latest data shows Enbridge Gas serves a total of almost 7 million customers across its five U.S. utilities (Ohio, Utah, Idaho, Wyoming, North Carolina) and Canadian operations. Specifically, Enbridge Gas Ontario serves about ~3.9 million customers, delivering approximately 530 PJ annually. The total system delivers about 9.1 Bcf/d of natural gas. They manage significant underground storage, holding 351.6 Bcf, much of it at the Dawn Hub.

Here's a quick look at the scale of the distribution footprint:

Renewable Power: Direct connection to regional power grids

Enbridge's Renewable Power channel connects its generation assets directly to regional grids in North America and Europe. Since 2002, the company has committed more than US$8 billion (about C$12 billion) in capital to these projects. Their portfolio, operating or under construction, has a net renewable generation capacity of 4,082 megawatts (MW). This is enough to meet the electricity needs of about 1.9 million homes based on net generation figures. The portfolio includes 23 wind farms (4,871 MW gross capacity) and 17 solar energy operations (2,345 MW gross capacity). A recent example is the 600 MW Clear Fork Solar project in Texas, costing US$900 million, which is fully secured by a long-term agreement with Meta Platforms Inc.

Enbridge Inc. (ENB) - Canvas Business Model: Customer Segments

You're looking at the core groups Enbridge Inc. (ENB) serves across its diversified energy platforms as of late 2025. This is a mix of massive industrial shippers, regulated utility customers, and power off-takers.

Major North American oil and gas exploration and production (E&P) companies and Refiners and petrochemical manufacturers are served primarily through the Liquids Pipelines business. This segment moves massive volumes of product, connecting supply basins to refining hubs.

The Gas Distribution and Storage segment serves a vast number of end-users, a customer base significantly expanded by recent acquisitions.

Retail natural gas consumers in Ontario and other regions are the direct customers for Enbridge Gas utilities.

• Total Gas Distribution customer base is over 7 million and growing.
• Five natural gas utilities serve these 7 million customers across Ontario, Quebec, Ohio, Utah, Idaho, Wyoming, and North Carolina.
• Enbridge Gas Ontario alone serves approximately 3.9 million customers.

The acquisition of three U.S. gas utilities in 2024, representing a $19 billion investment, solidified Enbridge as one of the largest natural gas distributors in North America.

Local Distribution Companies (LDCs) in the U.S. Northeast are served through both the utility platform and transmission services. For instance, Enbridge Gas North Carolina is expanding capacity to serve power generation customers.

The T15 Reliability Project will connect Enbridge Gas North Carolina to Duke Energy's 1.4 GW Roxboro gas-fired generation power plant.

Large-scale power purchasers (e.g., Meta, Amazon for renewables) are key customers for the Renewable Power segment, secured through long-term Power Purchase Agreements (PPAs).

The total renewable portfolio in operation or under construction is 3.5 GW (net) of zero-emission energy across five G7 nations. The business is focused on expanding relationships with top-tier, blue-chip customers.

Specific customer-backed renewable projects include:

• The 600 MW, US$0.9 billion Clear Fork Solar project, supporting Meta's data center power needs.
• The 577-MW Fox Squirrel Solar facility, contracted with Amazon.
• The Sequoia Solar facility, supporting AT&T and Toyota.

The Renewables business currently generates over 5 GW of lower-carbon electricity.

Enbridge Inc. (ENB) - Canvas Business Model: Cost Structure

You're looking at the major drains on Enbridge Inc.'s cash flow, the costs that keep that vast network moving and growing as of late 2025. It's a capital-intensive business, plain and simple.

Capital Expenditures for Growth Projects represent a significant outlay, with Enbridge Inc. expecting to deploy approximately US$7 billion of capital in 2025, explicitly exclusive of maintenance capital.

The company's financing strategy is heavily influenced by its debt load, which drives substantial interest expense. Enbridge Inc. remains committed to its financial guardrail target Debt-to-EBITDA ratio in the range of 4.5x to 5.0x. For the six months ended June 30, 2025, the reported Interest expense was (2,515) million. This interest expense on higher principal debt balances is a direct cost reflected in the distributable cash flow guidance.

The sheer scale of the asset base dictates high recurring operating costs. The largest expenses on Enbridge Inc.'s income statement are operating expenses, particularly pipeline operating costs, SG&A, and maintenance. For the twelve months ending September 30, 2025, Enbridge Inc. reported total Operating expenses of $37.934B, marking a 32.06% increase year-over-year.

Here's a breakdown of key operating costs reported for the second quarter of 2025:

The cost structure also includes expenses tied to maintaining regulatory standing and asset health.

• R&D investment, reaching $0.18B in Q2 2025, is focused on pipeline safety and emissions reduction.
• For Enbridge Gas Ontario's operations, the price cap mechanism established for 2025 through 2028 rates includes annual base rate escalation at inflation less a 0.28% productivity factor, which affects how operating and maintenance costs are managed and recovered.
• The regulatory framework allows for the recovery of material unexpected events and discrete incremental capital investments beyond what base rates cover.

Ensuring asset integrity requires dedicated capital spending, separate from growth initiatives. While the 2025 figure is not explicitly detailed as maintenance capital, the projection for the following year gives you a sense of the scale. Enbridge Inc. projected Maintenance Capital of approximately ~$(1,200) million for 2026. This spending is crucial for the long-term reliability of the vast pipeline network. Finance: draft 13-week cash view by Friday.

Enbridge Inc. (ENB) - Canvas Business Model: Revenue Streams

You're looking at the core ways Enbridge Inc. (ENB) pulls in cash as of late 2025. The business model is heavily weighted toward stable, contracted cash flows, which is why over 98% of EBITDA is generated by assets with regulated returns or long-term take-or-pay contracts.

The expected full-year 2025 Adjusted EBITDA guidance is between $19.4 billion and $20.0 billion (CAD). To give you a sense of where that expected Adjusted EBITDA comes from, here is the approximate breakdown based on Q2 2025 revenue contribution:

The Liquids Pipelines segment saw strong utilization, with Mainline volumes averaging 3 million barrels per day (bpd) for the second quarter of 2025, and hitting 3.1 million bpd for the first half of 2025. The company is investing up to $2 billion in the Mainline through 2028, expecting returns within the MTS agreement collar of 11% to 14.5%.

For the second quarter of 2025, total reported revenue was CAD 14,876 million, up from CAD 11,336 million a year ago. The Adjusted EBITDA for that same second quarter was $4,644 million (CAD).

Here are some other concrete figures related to these streams:

• Gas Distribution growth is mainly driven by the acquisitions of the U.S. gas utilities.
• The Renewable Power Generation segment saw its Adjusted EBITDA decrease by $27 million compared to the second quarter of 2024.
• The company closed the acquisition of a 10% interest in the Matterhorn Express Pipeline (MXP) on June 16, 2025.
• The Gas Transmission segment benefited from revised rates on U.S. GT assets and contributions from the Whistler JV and DBR system acquisitions.

Finance: draft 13-week cash view by Friday.